I'm Lucas Wysocki with your weekly look at Credit Card Rates. The average interest rate on a variable rate-credit card nosed higher this week, coming in at 14.95 percent, up 1 basis point since last week. For fixed rate cards, the average interest rate remained at 14.02 percent for the fifth straight week.
Americans seem to be more interested in paying down credit card debt than racking it up. The average American's credit card debt declined to 5-thousand 3-hundred and forty one dollars in October. That's down 1.3 percent from September.
In a low interest rate environment like todays, paying down high-interest debt can be more advantageous than heaping money into savings. But make sure you have a healthy emergency savings first, lest an unexpected bill undo all your hard work paying down your cards.
If you're ready to start paying down your debt, a low-interest balance transfer card might be a good first step. You can shop for those low interest cards, rewards cards and more right here at Bankrate.com. I'm Lucas Wysocki.